Substantial exposure to Latin America (notably Argentina and Mexico), which we view as having generally higher political, regulatory, and foreign-exchange risks. Litigation risk, pertaining Italy's Corte dei Conti ruling and ongoing trial. Geographically diverse portfolio, although significant concentration of EBITDA in Argentina, representing 46% of the group's EBITDA. Currently unsustainable capital structure. Weak liquidity, insufficient to satisfy Codere's obligations, and with about 60% of cash balances held in Latin America, which is not readily available. Substantial currency mismatch, with no hedges in place. Historically heavy use of free cash flows for capex, which constrains deleveraging capacity. Our current assumptions are based on limited publicly available financial information. Adjusted EBITDA of about €180 million-€200 million for 2014; and Capex of about
